Converting guaranteed minimum pensions to ordinary benefits
The Department for Work and Pensions (DWP) has set out in a consultation package1 how it will be possible to convert guaranteed minimum pensions (GMPs) into ordinary scheme benefits.
The consultation papers include draft Regulations, which amplify the conditions added to the Pension Schemes Act 1993 by the Pensions Act 2007, by inserting new provisions into the Contracting-out Regulations 1996.
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